Dow Corning Reports Sales and Profits for the First Quarter of 2009
01 Maio 2009 - 9:30AM
PR Newswire (US)
MIDLAND, Mich., May 1 /PRNewswire-FirstCall/ -- Dow Corning Corp.
today reported consolidated adjusted net income of $66.7 million
for the first quarter of 2009, a decrease of 58 percent from
adjusted net income of $160.4 million reported in the first quarter
of 2008. Adjusted net income excludes a charge for restructuring in
the first quarter of 2009. The 2008 results were not adjusted for
any unusual items. Including all items, Dow Corning reported
consolidated net income of $9.4 million for the first quarter of
2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGO) Sales
were $1.03 billion in the first quarter of 2009, 20 percent lower
than sales of $1.28 billion in the same quarter of 2008. "As
expected, the global economic recession has led to a significant
decrease in demand for silicone-based products," said Dow Corning's
Vice President and Chief Financial Officer J. Donald Sheets.
"Polysilicon sales through our Hemlock Semiconductor Group joint
ventures continue to grow with the addition of capacity that came
online in 2008." "Dow Corning is taking decisive actions to
conserve cash during this economic downturn to ensure we have the
necessary resources to implement our strategy and focus on our key
initiatives. While we need to meet the challenges of today, we are
firmly focused on positioning ourselves for the future and the
economic recovery to come," said Sheets. Dow Corning
(http://www.dowcorning.com/) provides performance-enhancing
solutions to serve the diverse needs of more than 25,000 customers
worldwide. A global leader in silicones, silicon-based technology
and innovation, Dow Corning offers more than 7,000 products and
services via the company's Dow Corning(R) and Xiameter(R) brands.
Dow Corning is a joint venture equally owned by The Dow Chemical
Company (NYSE:DOW) and Corning, Incorporated (NYSE:GLW). More than
half of Dow Corning's annual sales are outside the United States.
The Hemlock Semiconductor Group is comprised of two Dow Corning
joint ventures: Hemlock Semiconductor Corporation and Hemlock
Semiconductor, L.L.C. Dow Corning Corporation Selected Financial
Information (in millions of U. S. dollars) (Unaudited) Consolidated
Income Statement Data Three Months Ended March 31, 2009 2008 ----
---- Net Sales $1,024.6 $1,275.0 Net Income Attributable to Dow
Corning $ 9.4 $ 160.4 Adjustment for Restructuring (1) $ 57.3 $ -
----- ----- Adjusted Net Income (2) $ 66.7 $ 160.4 (1) The period
ending March 31, 2009 included charges related to the Company's
restructuring program. (2) Adjusted Net Income is a non-GAAP
financial measure which excludes certain unusual items and which
reconciles to Net Income as shown. Consolidated Balance Sheet Data
March 31, 2009 December 31, 2008 -------------- -----------------
Assets Current Assets $2,463.9 $3,212.6 Property, Plant and
Equipment, Net 4,056.4 3,755.9 Other Assets 2,154.6 2,253.7 -------
------- $8,674.9 $9,222.2 ======== ======== Liabilities and Equity
Current Liabilities $1,881.0 $2,007.8 Other Liabilities 4,655.5
4,475.0 Equity 2,138.4 2,739.4 ------- ------- $8,674.9 $9,222.2
======== ========
http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGO
http://photoarchive.ap.org/ DATASOURCE: Dow Corning Corporation
CONTACT: Jarrod Erpelding of Dow Corning Corp., +1-989-496-1582,
Web Site: http://www.dowcorning.com/
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